September 29, 2010
Regulators Take Over Three Corporate Credit Unions
Dear Member,
You may hear news reports about the National Credit Union Administration's (NCUA) action to take over
(place under conservatorship) three corporate credit unions, Members United Corporate Federal Credit Union
in Warrenville, IL, Southwest Corporate Federal Credit Union of Plano, TX, and Constitution Corporate Federal
Credit Union, Wallingford, CT.
A corporate credit union, sometimes referred to as "A Big Credit Union", is not a consumer or natural person
credit union like GTE Federal Credit Union. Rather, corporate credit unions provide services for credit unions
like GTE FCU – financing, check clearing, and other tasks much like the Federal Reserve would do for banks.
GTE FCU remains financially strong and healthy with a net worth ratio that is considered to be adequately
capitalized. This action by the NCUA will not impact our ability to deliver on the value, service and confidence
that you can expect from GTE FCU.
As always, thank you for being a member of GTE FCU. Feel free to email me with any questions, comments, or
concerns at Talk2Joe@gtefcu.org.
Sincerely,
Joe Brancucci